"I'm convinced that Bob Rae is the best person to lead the Liberal Party to victory. He has the experience and the intelligence and the vision to lead Canada into the 21st century," Mr. Belivacqua said at a news conference, Monday.

Bevilacqua is a six-term Liberal MP representing the riding of Vaughan, Ontario and was seen as a centrist on economic issues.

Bevilacqua, 46, had had trouble raising money in the campaign and was thought to be trailing the other candidates. He fell behind the front-runners in the race in terms of raising money and wooing support from senior Liberals. He now becomes national co-chair of Rae's campaign as well as his economic advisor.